CFTC Goes to Bat for Sports Event Contract Betting In Court
The federal guard dog has actually barked.
- The Commodity Futures Trading Commission submitted an amicus quick support Crypto.com in its legal fight with the Nevada Gaming Control Board concerning sports event contracts.
- The CFTC argues that these agreements fall under exclusive federal oversight and ought to not be treated by states like Nevada as prohibited sports betting.
- By asking the U.S. Court of Appeals for the Ninth Circuit to overturn a lower court judgment, the firm is advancing a more powerful federal defense of forecast markets amid ongoing state-level legal fights.
On Tuesday, the Commodity Futures Trading Commission (CFTC) filed an amicus short in support of Crypto.com's legal war with Nevada.
The court battle concerns the forecast market operator's sports event agreements, which can be bought and offered by users, allowing them to make de facto bets on sporting occasions.
While there are non-sports occasion agreements, the sports-related ones have put forecast markets and state gaming regulators at chances with each other. It's now sports event contracts that have the CFTC-regulated Crypto in appeals court with Nevada sports wagering regulators.
In brief, in Nevada and several other states, regulators see sports occasion contracts as a kind of sports betting that needs licensing and local oversight. Operators, meanwhile, contend they are federally regulated, so states ought to butt out.
Nevada sent Crypto a cease-and-desist letter in 2015, and Crypto stopped working to obtain a preliminary injunction to protect itself against the crackdown. Crypto then stopped offering sports event agreements in the state.
However, as was assured by brand-new CFTC Chair Michael Selig, the CFTC has now gotten involved in a prediction market-related court fight. Moreover, the CFTC has actually sided with Crypto and sports event contracts.
The federal guard dog has actually barked.
- The Commodity Futures Trading Commission submitted an amicus quick support Crypto.com in its legal fight with the Nevada Gaming Control Board concerning sports event contracts.
- The CFTC argues that these agreements fall under exclusive federal oversight and ought to not be treated by states like Nevada as prohibited sports betting.
- By asking the U.S. Court of Appeals for the Ninth Circuit to overturn a lower court judgment, the firm is advancing a more powerful federal defense of forecast markets amid ongoing state-level legal fights.
On Tuesday, the Commodity Futures Trading Commission (CFTC) filed an amicus short in support of Crypto.com's legal war with Nevada.
The court battle concerns the forecast market operator's sports event agreements, which can be bought and offered by users, allowing them to make de facto bets on sporting occasions.
While there are non-sports occasion agreements, the sports-related ones have put forecast markets and state gaming regulators at chances with each other. It's now sports event contracts that have the CFTC-regulated Crypto in appeals court with Nevada sports wagering regulators.
In brief, in Nevada and several other states, regulators see sports occasion contracts as a kind of sports betting that needs licensing and local oversight. Operators, meanwhile, contend they are federally regulated, so states ought to butt out.
Nevada sent Crypto a cease-and-desist letter in 2015, and Crypto stopped working to obtain a preliminary injunction to protect itself against the crackdown. Crypto then stopped offering sports event agreements in the state.
However, as was assured by brand-new CFTC Chair Michael Selig, the CFTC has now gotten involved in a prediction market-related court fight. Moreover, the CFTC has actually sided with Crypto and sports event contracts.